Gold price is lower, extending a week-long consolidation.
The gold futures contract gained 0.45% on Monday, April 29, as it continued to fluctuate within a short-term consolidation following last Monday’s 3% sell-off. Gold was selling off from a new record high of $2,448.80 reached on April 12. On the previous Friday, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $400.
This morning gold is trading lower, yet still within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.3% lower, as it is trading along the $2,325 level. What about the other precious metals? Silver is 2.6% lower, platinum is 1.2% lower and palladium is 2.6% lower. So, the main precious metals’ prices are lower this morning.
Today, we will get the Employment Cost Index number at 8:30 a.m., among others. The markets will be waiting for the FOMC Rate Decision release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
- All Day, China - Bank Holiday
Wednesday, May 1
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:15 p.m. Canada - BOC Governor Macklem Speech
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - German Bank Holiday, French Bank Holiday, Italian Bank Holiday
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist